Nigeria’s real Gross Domestic Product (GDP) grew by 3.2% in the second quarter of 2024, surpassing the 2.51% growth recorded in the same period last year, according to the latest report from the National Bureau of Statistics (NBS).
The growth is also slightly higher than the 2.98% achieved in the first quarter of 2024.
The NBS report attributes the positive GDP performance to the service sector, which expanded by 3.79% and contributed 58.76% to the total output.
The industrial sector also saw significant growth, rising by 3.53% compared to a contraction of -1.94% in Q2 2023.
Meanwhile, the agriculture sector posted a modest growth of 1.41%, slightly down from 1.50% in the same period last year.
Crude oil production increased to 1.41 million barrels per day, up from 1.22 million barrels a year earlier.
President Bola Tinubu expressed optimism about the trajectory of the economy, stating that production could soon reach two million barrels per day.
Tinubu welcomed the report, emphasizing that it aligns with his administration’s economic recovery efforts.”Our economy is recovering,” he stated, urging Nigerians to remain patient and supportive of the government’s reforms, despite criticism from detractors.
In nominal terms, Nigeria’s aggregate GDP stood at N60,930 billion in Q2 2024, reflecting a year-on-year growth of 16.94% from the N52,103 billion recorded in the second quarter of 2023.
The industry and services sectors saw increased contributions to the GDP compared to the previous year, underscoring the ongoing economic re-engineering efforts.
